Australia Signs Technological R&D Cooperation Agreement with Israel

Sydney, Australia. February 23, 2017 – A new R&D agreement between the governments of Israel and Australia was signed today during the historic visit of Prime Minister Benjamin Netanyahu to Australia. The agreement is expected to boost business ties between the countries, enabling companies from Australia and Israel to receive funding for collaborative R&D technology projects. This adds a federal framework of support to the already two existing R&D agreements between Israel and the states of Victoria and New South Wales.

The official signing ceremony was presided over by Australian Prime Minister Malcom Turnbull and Israeli Prime Minister Benjamin Netanyahu, during Netanyahu’s historic visit to Australia – the first visit of an Israeli Prime Minister to the country.

The authorities responsible for implementing the agreement will be the Israel Innovation Authority and the Department of Industry, Innovation and Science of Australia.

"Today’s agreement marks a significant landmark in the deepening of economic ties between Israel and Australia. As we seek to encourage new levels of technological innovation, such funding and support programs for the private sector are crucial,” said Avi Luvton, Executive Director, Asia Pacific, at the Israel Innovation Authority. “We are proud to be expanding our cooperation programs with Australia to the federal level, enabling companies located anywhere in Australia to partner up and collaborate with Israeli companies.”

The Israeli Trade Commissioner in Australia, Ethy Levy, who was active in promoting the agreement, stated that she is confident that an industrial R&D agreement in the federal level will advance the quality of the collaboration between the two countries.

On an annual basis, Australia and Israel engage in $1.1 billion worth of trade, with Israel exporting $700,000 worth of goods and services in 2016.